The goal of the FpML Trader is to show the benefits of having a common standard in terms of transaction processing and workflow by building an application that is able to generate and process standard FpML messages.
The scope is defined in terms of products and processes:
-The product supports vanilla interest rate swaps.
-The process supported is the trade execution advice. The main scenario is the communication between Investment Managers (IM) and Custodians. An IM would send the trade details that it has done with another party to the Custodian bank. The Custodian bank needs the trade data in order to manage the IMs accounts.
-The application integrates HandCoded‘s Toolkit for FpML Processing open source validation rules engine.
-The FpML Trader is developed in collaboration with fastzink.